Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Apartment, Development, Investment, Office

FOR SALE: East Vancouver Office Investment/Redevelopment Opportunity

We are pleased to introduce this 34,000 SF office building located at the prominent corner of East Hastings Street and Boundary Road – the Eastern gateway to the City of Vancouver. This is an excellent opportunity for an investment with future redevelopment potential.

3680 E HastingsBrochure – 3680 Hastings Street

October 4, 2017by david.taylor@colliers.com
Apartment, Development

1444 Alberni Project to Include 443 Units in Two Towers

The formal rezoning application for 1444 Alberni Street and 740 Nicola Street has been released to the public. The project, revealed in the Vancouver Sun yesterday as the world’s tallest passive-house towers, will now go through the formal rezoning process with the City of Vancouver. The project is a partnership between Asia Standard and Landa Global, who acquired the site in 2016.

The site comprises a whole city block totaling 43,282 SF. The site currently contains rental units that will be retained.

The proposal is for two residential towers with:

  • 314 market residential units; 
  • 129 market rental units; 
  • a total of 443 units; 
  • 34 studios, 167 one-beds, 188 two-beds, 34 three-beds & 20 four-beds
  • a total density of 14.95 FSR;
  • six levels of underground parking with 484 vehicle parking stalls and 562 Class A bicycle parking spaces;
  • building heights of 442.0 ft. (East Tower) and 405.0 ft (West Tower);
  • a 56 space City owned childcare facility on Level 7; and
  • closure of Nicola Street between Alberni Street and the lane to create a new City park.

1444 Alberni1444 Alberni_11444 Alberni_4 1444 Alberni_2 1444 Alberni_3

Typical tower floor plan

Typical tower floor plan

This application is being considered under the West End Community Plan.

The design for the project is by MCMP in conjunction with Robert A.M. Stern Architects.

The site was sold in Apirl 2016 for $170.1 Million, or $263 per gross SF based upon the rezoning application.  

October 4, 2017by david.taylor@colliers.com
Apartment, Development

42-Unit Rental Building Planned for East Hastings Corner Site

Mosaic Homes has submitted an application to rezone a site at East Hastings and Lakewood in the Grandview Woodland area. The 11,098 SF site at 2109 East Hastings (known to most by it’s long term tenant – Dairy Queen) is currently zoned C-2C1, and the proposed rezoning is for a development of a 6-storey mixed-use building with commercial uses at grade.

The proposal includes:

  • 42 secured market rental residential units;
  • 12 studios, 14 one-bedrooms, 14 two-bedrooms and 2 three-bedrooms;
  • 4,700 SF of ground-floor retail;
  • A total floor area of 35,512 SF;
  • A total density of 3.20 FSR;
  • A height of approximately 73 ft.; and
  • 45 underground parking spaces.

2109 East Hastings 2109 East Hastings_1 2109 East Hastings_2

This application is being considered under the Grandview-Woodland Community Plan.

Mosaic acquired the site in 2016 for $5,450,000, or $153 per buildable SF.

The architect for the project is Yamamoto Architecture.

September 28, 2017by david.taylor@colliers.com
Apartment, Development

15 Rental Townhouse Units Proposed for Kitsilano Site

A rezoning application has been submitted for a former church site in Kitsilano, at 2715 West 12th Avenue (along the Kitsilano diversion curve).

The proposal calls to rezone the 8,570 SF site from RS-7 (One-Family Dwelling) District to CD-1 to permit a 3.5-storey townhouse development under Affordable Housing Choices Interim Rezoning Policy. The policy allows for rental housing on arterial streets up to 3.5 storeys. While the policy has been tested in other areas of the City, this is one of the first such proposal on the Westside.

The proposal includes:

    • 15 secured market rental residential units;
    • A floor area of 14,056 SF;
    • A total density of 1.50 FSR;
    • A height of approximately 37.5 ft.;
    • 2 car share vehicle parking spaces; and
    • 19 Class A bicycle parking spaces.

2715 West 12th Ave 2715 West 12th Ave_1

The site was listed for sale in 2016 for $3,389,000, and sold for $3,250,000, or $231 per buildable SF based on the rezoning application.

The architect for the project is MCMP Architects.

September 27, 2017by david.taylor@colliers.com
Development, Office

5-Storey Office/Industrial Building Planned for Mt. Pleasant

Wesgroup Properties has applied to the City of Vancouver for permission to develop a 15,098 SF, I-1 zoned site at the Southwest corner of Manitoba Street and West 5th Avenue in Mount Pleasant.

Details of the proposal include:

    • a 5-storey, mixed-use building with Wholesale use on the 1st and 2nd floor and office use on the 3rd, 4th and 5th floor,
    • cast in place concrete walls;
    • 13 foot floor-to-floor heights;
    • a fully programmed, high quality rooftop with fitness and recreational amenities such as urban agriculture and multi-sport court;
    • two levels of underground parking having vehicular access from the lane.

110 West 5th 110 West 5th_1

Under the site’s existing I-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is Taylor Kurtz.

The full application can be viewed here.

September 25, 2017by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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